Cryptocurrency Landscape Shifts Amid Regulatory Developments
Public companies, including one linked to former President Donald Trump, are increasing investments in cryptocurrency, taking advantage of rising token values and a more relaxed regulatory environment, reports 24brussels.
Recent developments indicate that two major cryptocurrency firms are likely to receive licenses allowing them to operate throughout the European Union. This comes as tensions mount among regulators regarding the pace and thoroughness of approvals in various member states.
Australia’s financial crimes monitoring agency announced on Wednesday that it has identified 90 victims of scams, money mules, and suspected criminals among the top users of cryptocurrency ATMs in the country as part of ongoing efforts to combat crimes facilitated by digital currencies.
Legal experts Alexander C. Drylewski, Alessio D. Evangelista, and Adam J. Cohen from Skadden, Arps, Slate, Meagher & Flom LLP addressed concerns about compliance and risks associated with stablecoins, specifically focusing on anti-money laundering (AML) and combating the financing of terrorism (CFT) measures in alignment with regulatory standards.
Turkey’s Finance Minister, Mehmet Simsek, stated on Tuesday that the government is taking measures to prevent the laundering of illicit proceeds through cryptocurrency transactions related to illegal betting and fraud.
On Monday, Fiserv announced its plans to introduce a stablecoin, joining a growing trend among U.S. companies delving into cryptocurrency technology as it gains wider acceptance.
Anthony Pompliano, a prominent U.S. investor and entrepreneur, reported the formation of a new bitcoin treasury company on Monday, which aims to maintain up to $1 billion worth of bitcoin on its balance sheet.
Bitcoin, the leading cryptocurrency by market capitalization, saw a decrease of 4.13%, trading at $99,237 as of 10:52 a.m. ET on Sunday.
In Norway, the government announced a temporary ban on the establishment of new cryptocurrency mining data centers that utilize the most energy-intensive technologies, aiming to preserve electricity for other sectors.
Data released on Wednesday revealed that the overall market capitalization of stablecoins hit an all-time high, coinciding with the U.S. Senate’s passage of a bill aimed at regulating the sector, marking a significant step towards legitimizing this rapidly expanding segment of the cryptocurrency market.
South Korea’s central bank governor expressed concerns on Wednesday about potentially issuing won-denominated stablecoins, citing issues related to the management of capital flows.
